90后，她操刀一笔68亿并购

Core Viewpoint - The acquisition of Lixin Pharmaceutical by China Biologic Pharmaceutical marks a significant milestone in the domestic innovative drug sector, with a transaction value of up to $9.51 billion (approximately 68.22 billion RMB), creating the largest merger record in 2025 for this industry [1][5][11]. Group 1: Acquisition Details - China Biologic Pharmaceutical will acquire a 95.09% stake in Lixin Pharmaceutical for a net payment of approximately $5.01 billion after accounting for Lixin's cash reserves of about $4.5 billion [1][5]. - The acquisition process took about two months, with the announcement made shortly after the initial discussions [5][10]. - Lixin Pharmaceutical was founded in 2019 by Dr. Qin Ying and has received backing from several prominent investors, creating a valuable exit opportunity for them through this acquisition [1][12]. Group 2: Leadership and Background - The acquisition is led by 90s-born chairperson Xie Qirun, a member of the Charoen Pokphand Group, who has been actively involved in strategic planning and capital market operations [2][8]. - Xie Qirun previously led another successful acquisition of Haobobo, marking a significant precedent in the market [8][9]. Group 3: Strategic Rationale - The strategic rationale behind the acquisition lies in Lixin's unique dual-antibody and ADC technology platforms, which have gained international recognition, complementing China Biologic's strong clinical and commercialization capabilities [10][11]. - Xie Qirun emphasized that the core value of this acquisition is not merely resource addition but achieving synergistic benefits that exceed the sum of their parts [11]. Group 4: Financial Performance and Market Context - Lixin Pharmaceutical has shown significant revenue growth, with projected revenues of 1.78 million RMB in 2023, 21 million RMB in 2024, and 421.8 million RMB in the first half of 2025, indicating a turnaround to profitability [14]. - The acquisition comes at a time when the biotech sector is witnessing a resurgence, with several leading pharmaceutical companies engaging in mergers and acquisitions, providing a favorable exit route for investors [19][21]. Group 5: Industry Implications - This acquisition signals a shift in the market, where domestic leading pharmaceutical companies are now actively acquiring local innovative drug firms, a trend previously dominated by multinational corporations [22][23]. - The ongoing bullish sentiment in the biotech sector, with significant stock price increases and new IPO applications, suggests a promising outlook for domestic innovative drug companies [21][23].